Turkish mills soften rebar offers to Egypt

Early this week, Turkish mills' rebar offers to the Egyptian market were standing at $700/mt CFR, for late January shipments. However, finding this price level on the high side, Egyptian buyers have not concluded any transactions. As a result, coming towards the end of the week, Turkish mills have softened their rebar offers to Egypt to $690/mt CFR.
 
SteelOrbis has learned from market sources that, since local producer EZZ Steel has not yet announced its new rebar prices, no transaction has been concluded at Turkish mills' new lower prices, with a silent waiting stance prevailing in Egypt. Nevertheless, Egyptian buyers are projected to start their rebar bookings after EZZ Steel's new price announcement, which is expected soon.